PETALING JAYA, July 21 — Ivan Teh, Fusionex founder and managing director of AIM-listed Fusionex International Plc, has quietly gone on building a big data company that has had an eye-popping 1,000 per cent cumulative growth rate since its launch in 2006.
There are many things that stand out about Ivan, but one of them is this – his business had no angel investor, nor any venture funding. It was purely built on cash flow from satisfied customers and, in the first six months, on the sweat and toil of Ivan who put in 18-hour workdays to understand customer needs and build the software platform himself. He was a one-man show.
“It was an intense period,” he concedes, looking back. “I was speaking to my contacts and potential customers trying to understand their needs and to get a finger on the pulse as to why people would purchase my software. This was then followed by a lot of thought processes that went into trying to do something different.”
And what was this something different?
Nothing sexy, really. He just resolved to give customers a solution that was easy to use and effective to help them make sense of their data.
“People get confused. There are a lot of options out there to build your own big data solutions but in all honesty, most organisations don’t care, or don’t have the skill sets. This was the pain point I wanted to solve,” he says.
As anyone who has ever tried it knows, the hardest thing to do is to hide the complexity of very tough problems behind an easy-to-use front-end solution for customers.
This then translated into building the platform that Ivan worked on himself.
“From preparing the templates to coding the software to the documentation, I did it all myself,” he says, adding ‘pau ka-liao,’ colloquial Hokkien that roughly translates to ‘doing everything by one’s self.’
“It was an intense, exciting and, to be honest, painful time, but the great thing is that you woke up every morning highly motivated because you knew you were not doing anything monotonous,” he says.
Fast forward from those startups days in 2006 to Dec 18, 2012 and Fusionex listed on London’s Alternative Investment Market (AIM) exchange with a big data focus, one of the sexiest terms in tech today.
Indeed, during the pre-IPO (initial public offering) roadshow, 38 of the 50 institutional investors who approached came on board. “The response was overwhelming,” says Ivan.
In all, Fusionex had RM200 million (US$62.8 million) committed to it, with the IPO offer oversubscribed by 300 per cent.
Amazingly, Ivan only took RM60 million (US$18.9 million), which is what his company had set out to raise. “I was told it was quite unheard of. But to me, taking all that money comes with a sense of responsibility. You have to do something in return. We could have taken the money and spent it differently and on the wrong strategy. That does not help your credibility,” he says.
Instead, what he did earned Fusionex huge credibility and translated into the fact that there were no selling shareholders on its IPO. In fact, everyone was interested to buy more.
Ending Dec 31 2012, Fusionex’s share price stood at £3.965 (RM21.48), more than double its IPO price of £1.70 (RM9.20) on Dec 18 2011. https://www.malaymail.com/s/710859/the-entrepreneur-who-turned-down-us63m
The analytics solution, known as Fusionex GIANT, allows companies to have a holistic view of its business operations, understand trends, buyers behavior, and even predict outcomes.
April 10, 2018 —
FUSIONEX International Plc, a big data analytics solutions provider, believes that its new big data analytics solution can help the company to win more clients and gain market share.
The analytics solution, known as Fusionex GIANT, allows companies to have a holistic view of its business operations, understand trends, buyers behavior, and even predict outcomes. Unlike larger big data companies from the US or Europe, the company’s big data solutions are more user-friendly and easier to deploy.
“Our solutions may not be as powerful as some of our rivals’, but it has the features and characteristics that meets the needs of the chief executive officer, the chief information officer, and chief financial officer,” Fusionex founder Ivan Teh told Digital News Asia recently.
“Today, CEOs want a fast-to-deploy big data solutions, they can’t wait 18 months or more for the implementation. CIOs and CFOs want a solutions that are easy to manage, easy to use, and does not cost a lot to maintain.”
According to Teh, the new GIANT, dubbed the Fusionex GIANT 2017, is far more superior than the predecessor. He said that it is now able to make sense of trillions of data sets — making it a suitable tool for banks, stockbroking firms, hotel chains, manufacturers and others.
Like the previous version, the GIANT allows users to get key insights by just ‘drag-and-drop’. For example, dragging the company’s sales data and customers data could allow the company to find out which particular products are more popular among the young working adults.
“More importantly, the new GIANT allows user to get insights in the easiest way possible — by talking to it. The new GIANT comes with a natural language processing (NLP) capability that will perform various tasks. For example, you simply only need to tell it to show you sales number, or sales number based on region, and those data will be produced immediately,” said Teh.
“Gone are the days when you need days or weeks to generate a report.”
Penetrating the SMEs
The company also introduced its first big data analytics solutions catered to the small and medium enterprises (SMEs).
The product, dubbed ANT, is the “mini-version” of the GIANT. It has most of the features SMEs need when comes to making sense of their data.
“For a long time, the SME market has been underserved. It also has most of the features that SMEs are looking for.
Expecting strong response
In late 2016, Fusionex invited 10 companies to take part in the pilot run of the Fusionex GIANT 2017. From the 10 companies, 8 of them have already signed up for the solution.
“Our vision has always been to create innovative technology that meets the business needs of today’s market. Innovation drives growth and we strongly believe Fusionex GIANT 2017 is the answer to an IoT driven world that is in constant need of better, faster, cost optimised and commercially-feasible technology,” said Teh.
“Analytics can help bridge the gap between business and consumer needs and we are ready to assist our customers to stand above their competition.” https://www.thestar.com.my/business/sme/2014/06/27/built-around-big-data-tech-company-boasts-office-as-futuristic-as-its-products/
The National ICT Association of Malaysia (Pikom) has signed an MoU (memorandum of understanding) with big data analytics solution provider Fusionex for it to train local talents in the area of Big Data.
Fusionex Ivan Teh will equip ICT professional with the right skills in line with the Government’s goal of achieving 20,000 data professionals by 2020, the organisation announced at the Pikom Leadership Summit 2017.
“We found there is a talent mismatch today as many graduates are not aware of what the industry is looking for today,” said Pikom chairman Chin Chee Seong.
“We are also working very closely with the Education Ministry and universities to design courses to align them with the demands of the tech industry.”
“There is a real importance to align what the academia produces versus what the industry wants and that is an ongoing challenge and something we are really working hard to tackle now,” Teh said.
Among the skills that are in demand include data analytics and project management.
The industry body also inked an MoU with CyberSecurity Malaysia (CSM) to combat the recent rise of cyberthreats. It will give CSM access to security services and solutions from its members.
It also signed an MoUs with the Malaysian Association of Tour and Travel Agents (MATTA) to promote the adoption of digital platform in the travel industry.
Chin says that most SMEs (small and medium enterprises) in the travel industry have yet to embrace and reap the benefits of digitalisation.
Transport Minister Datuk Seri Liow Tiong Lai who officiated the event, said that with the partnership, travel and tour agents should take the opportunity to market their services online and this is a step in the right direction in embracing digital economy.
“These initiatives will certainly help in expanding opportunities for the SMEs in their respective sectors and we need to keep up and embrace change as there is a rapid convergence between the physical and digital world,” said Chin.